Common use of Withdrawal from Agreement Clause in Contracts

Withdrawal from Agreement. a) The Vendor may terminate this Agreement by written notice to the Purchaser if: i) a building consent for the House is not granted by the Council within 2 months of the date of this Agreement, or ii) House has not reached Practical Completion within 2 years of the date of this Agreement through no fault of the Vendor. b) The Purchaser may terminate this Agreement by written notice to the Vendor if the House has not reached Practical Completion within 2 years of the date of this Agreement through no fault of the Purchaser provided that the delay has not been caused by Force Majeure. If a delay has been caused by Force Majeure, the time frame for reaching Practical Completion and allowing the Purchaser to terminate the Agreement under this clause shall be extended by the length of the delay caused by Force Majeure. c) If this Agreement is terminated by either party under clauses 16 a) or 16 b), no compensation shall be payable to either party but any money already paid by the Purchaser under this Agreement will be refunded to the Purchaser by the Vendor together with the net interest earned on such money (if any).